{"id":10164,"date":"2026-01-19T10:52:01","date_gmt":"2026-01-19T03:52:01","guid":{"rendered":"https:\/\/dtlaw.vn\/?p=10164"},"modified":"2026-03-10T16:13:34","modified_gmt":"2026-03-10T09:13:34","slug":"tranh-chap-mua-ban-co-phan","status":"publish","type":"post","link":"https:\/\/dtlaw.vn\/en\/tranh-chap-mua-ban-co-phan\/","title":{"rendered":"Share Purchase Dispute"},"content":{"rendered":"<p class=\"wp-block-paragraph translation-block\">In practice, in resolving share purchase and corporate merger disputes in Vietnam (Mergers and Acquisitions \u2013 M&amp;A in Vietnam), adjudicative bodies frequently face agreements drafted using international templates that, however, fail to achieve the level of enforceability expected by investors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">The root cause does not lie in drafting techniques, but rather in the fundamental differences between common law reasoning and Vietnam\u2019s civil law system, under which courts and arbitral tribunals place primary emphasis on concepts such as actual damages, material breach, and mandatory public order<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">This article examines three categories of decisive provisions in Share Purchase Agreements (SPAs) and Shareholders\u2019 Agreements (SHAs), based on recent adjudicative practice, and proposes contractual structuring recommendations to ensure enforceability in Vietnam.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">I. Indemnity Clauses: The Gap Between Contractual Undertakings and Adjudicative Practice<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. B\u1ed3i ho\u00e0n kh\u00f4ng \u0111\u01b0\u1ee3c th\u1eeba nh\u1eadn nh\u01b0 m\u1ed9t ngh\u0129a v\u1ee5 \u0111\u1ed9c l\u1eadp<\/h3>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">In international M&amp;A transactions, indemnity clauses are typically structured as independent payment obligations, arising immediately upon the occurrence of a breach, without requiring proof of fault or actual loss.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">However, in adjudicative practice in Vietnam, courts and arbitral tribunals do not recognize indemnity as an independent legal concept. Indemnity provisions are often recharacterized as obligations for compensation for damages under Article 419 of the 2015 Civil Code.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The practical consequences are as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\">The indemnified party must prove actual, direct, and incurred damages.<\/li>\n\n\n\n<li class=\"translation-block\">Indirect losses, such as lost opportunities and contingent legal costs, are generally not accepted.<\/li>\n\n\n\n<li>Gi\u00e1 tr\u1ecb thu h\u1ed3i th\u1ef1c t\u1ebf th\u01b0\u1eddng <strong>th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee9c b\u1ed3i ho\u00e0n \u0111\u00e3 th\u1ecfa thu\u1eadn trong h\u1ee3p \u0111\u1ed3ng<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. Risk of Being Subject to Statutory Caps Due to Recharacterization as Contractual Penalties<\/h3>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">A notable adjudicative trend is the recharacterization of indemnity clauses as penalty clauses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">In such circumstances, where the contract is characterized as a commercial contract, the penalty may be capped at no more than 8% of the value of the breached obligation pursuant to the 2005 Commercial Law. Any amount exceeding this statutory limit is typically disregarded in court judgments or arbitral awards.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Conditions for Triggering Indemnity: The Requirement of \u201cActualized\u201d Loss<\/h3>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">Recent adjudicative practice indicates that indemnity obligations are recognized only where the loss has been clearly established as a matter of law, typically through:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A final and effective administrative decision;<\/li>\n\n\n\n<li>Valid financial documents evidencing losses already incurred.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph translation-block\">The identification of risks during the post-closing review, in the absence of actual loss, is generally insufficient to trigger indemnity obligations.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">II. \u0110i\u1ec1u kho\u1ea3n tuy\u00ean b\u1ed1 v\u00e0 b\u1ea3o \u0111\u1ea3m (Representations and Warranties): R\u1ee7i ro khi vi ph\u1ea1m ch\u01b0a g\u00e2y thi\u1ec7t h\u1ea1i<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Vi ph\u1ea1m tuy\u00ean b\u1ed1 kh\u00f4ng \u0111\u1ed3ng ngh\u0129a v\u1edbi quy\u1ec1n ch\u1ea5m d\u1ee9t h\u1ee3p \u0111\u1ed3ng<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Theo th\u00f4ng l\u1ec7 M&amp;A qu\u1ed1c t\u1ebf, ch\u1ec9 c\u1ea7n m\u1ed9t tuy\u00ean b\u1ed1 sai s\u1ef1 th\u1eadt (<em>Misrepresentation<\/em>) c\u0169ng c\u00f3 th\u1ec3 l\u00e0 c\u0103n c\u1ee9 \u0111\u1ec3 b\u00ean mua ch\u1ea5m d\u1ee9t h\u1ee3p \u0111\u1ed3ng.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ng\u01b0\u1ee3c l\u1ea1i, ph\u00e1p lu\u1eadt Vi\u1ec7t Nam ch\u1ec9 cho ph\u00e9p \u0111\u01a1n ph\u01b0\u01a1ng ch\u1ea5m d\u1ee9t h\u1ee3p \u0111\u1ed3ng khi c\u00f3 <strong>vi ph\u1ea1m c\u01a1 b\u1ea3n (<em>Fundamental Breach<\/em>)<\/strong>, t\u1ee9c l\u00e0 vi ph\u1ea1m l\u00e0m cho m\u1ee5c \u0111\u00edch c\u1ee7a h\u1ee3p \u0111\u1ed3ng kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c theo \u0110i\u1ec1u 428 B\u1ed9 lu\u1eadt D\u00e2n s\u1ef1 2015.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Do \u0111\u00f3, trong nhi\u1ec1u tranh ch\u1ea5p, d\u00f9 tuy\u00ean b\u1ed1 v\u00e0 b\u1ea3o \u0111\u1ea3m b\u1ecb vi ph\u1ea1m, nh\u01b0ng n\u1ebfu ch\u01b0a g\u00e2y ra h\u1eadu qu\u1ea3 t\u00e0i ch\u00ednh nghi\u00eam tr\u1ecdng, b\u00ean mua:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Kh\u00f4ng \u0111\u01b0\u1ee3c ch\u1ea5m d\u1ee9t h\u1ee3p \u0111\u1ed3ng;<\/li>\n\n\n\n<li>B\u1ecb bu\u1ed9c ti\u1ebfp t\u1ee5c th\u1ef1c hi\u1ec7n giao d\u1ecbch;<\/li>\n\n\n\n<li>Ch\u1ec9 \u0111\u01b0\u1ee3c y\u00eau c\u1ea7u b\u1ed3i th\u01b0\u1eddng \u1edf ph\u1ea1m vi h\u1ea1n ch\u1ebf.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. Th\u1eddi hi\u1ec7u kh\u1edfi ki\u1ec7n: \u201cBi\u1ebft ho\u1eb7c ph\u1ea3i bi\u1ebft\u201d l\u00e0 m\u1ed1c th\u1eddi gian nguy hi\u1ec3m<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">M\u1ed9t r\u1ee7i ro l\u1edbn trong tranh ch\u1ea5p M&amp;A l\u00e0 <strong>th\u1eddi hi\u1ec7u kh\u1edfi ki\u1ec7n (<em>Statute of Limitations<\/em>)<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Th\u1ef1c ti\u1ec5n x\u00e9t x\u1eed cho th\u1ea5y, \u0111\u1ed1i v\u1edbi vi ph\u1ea1m tuy\u00ean b\u1ed1 v\u00e0 b\u1ea3o \u0111\u1ea3m, th\u1eddi hi\u1ec7u c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00ednh t\u1eeb th\u1eddi \u0111i\u1ec3m b\u00ean mua <strong>\u201cbi\u1ebft ho\u1eb7c ph\u1ea3i bi\u1ebft\u201d v\u1ec1 sai l\u1ec7ch th\u00f4ng tin<\/strong>, th\u01b0\u1eddng l\u00e0 ngay sau khi ho\u00e0n t\u1ea5t th\u1ea9m \u0111\u1ecbnh ph\u00e1p l\u00fd (<em>Legal Due Diligence<\/em>).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vi\u1ec7c ch\u1edd \u0111\u1ebfn khi thi\u1ec7t h\u1ea1i t\u00e0i ch\u00ednh th\u1ef1c s\u1ef1 ph\u00e1t sinh c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn h\u1ec7 qu\u1ea3: <strong>quy\u1ec1n kh\u1edfi ki\u1ec7n \u0111\u00e3 h\u1ebft tr\u01b0\u1edbc khi t\u1ed5n th\u1ea5t hi\u1ec7n h\u1eefu<\/strong>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">III. Lu\u1eadt \u00e1p d\u1ee5ng v\u00e0 qu\u1ea3n tr\u1ecb n\u1ed9i b\u1ed9: Gi\u1edbi h\u1ea1n c\u1ee7a quy\u1ec1n t\u1ef1 do th\u1ecfa thu\u1eadn<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Kh\u00f4ng th\u1ec3 \u00e1p d\u1ee5ng lu\u1eadt n\u01b0\u1edbc ngo\u00e0i cho qu\u1ea3n tr\u1ecb n\u1ed9i b\u1ed9 c\u00f4ng ty Vi\u1ec7t Nam<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">M\u1ed9t sai l\u1ea7m ph\u1ed5 bi\u1ebfn trong c\u00e1c giao d\u1ecbch M&amp;A l\u00e0 l\u1ef1a ch\u1ecdn lu\u1eadt n\u01b0\u1edbc ngo\u00e0i (<em>Foreign Governing Law<\/em>) \u0111\u1ec3 \u0111i\u1ec1u ch\u1ec9nh c\u00e1c v\u1ea5n \u0111\u1ec1 qu\u1ea3n tr\u1ecb n\u1ed9i b\u1ed9 c\u1ee7a c\u00f4ng ty Vi\u1ec7t Nam.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Th\u1ef1c ti\u1ec5n x\u00e9t x\u1eed kh\u1eb3ng \u0111\u1ecbnh r\u1eb1ng <strong>qu\u1ea3n tr\u1ecb n\u1ed9i b\u1ed9 doanh nghi\u1ec7p l\u00e0 l\u0129nh v\u1ef1c b\u1eaft bu\u1ed9c \u00e1p d\u1ee5ng ph\u00e1p lu\u1eadt Vi\u1ec7t Nam<\/strong>. C\u00e1c \u0111i\u1ec1u kho\u1ea3n tr\u00e1i nguy\u00ean t\u1eafc n\u00e0y c\u00f3 nguy c\u01a1 b\u1ecb tuy\u00ean v\u00f4 hi\u1ec7u khi ph\u00e1t sinh tranh ch\u1ea5p.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Th\u1ee9 t\u1ef1 \u01b0u ti\u00ean gi\u1eefa th\u1ecfa thu\u1eadn c\u1ed5 \u0111\u00f4ng v\u00e0 \u0111i\u1ec1u l\u1ec7 c\u00f4ng ty<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Trong tr\u01b0\u1eddng h\u1ee3p c\u00f3 m\u00e2u thu\u1eabn gi\u1eefa th\u1ecfa thu\u1eadn c\u1ed5 \u0111\u00f4ng (<em>Shareholders\u2019 Agreement<\/em>) v\u00e0 \u0111i\u1ec1u l\u1ec7 c\u00f4ng ty (<em>Company Charter<\/em>):<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u0110i\u1ec1u l\u1ec7 \u0111\u00e3 \u0111\u0103ng k\u00fd lu\u00f4n \u0111\u01b0\u1ee3c \u01b0u ti\u00ean \u00e1p d\u1ee5ng;<\/li>\n\n\n\n<li>T\u00f2a \u00e1n v\u00e0 c\u01a1 quan \u0111\u0103ng k\u00fd kinh doanh <strong>kh\u00f4ng c\u01b0\u1ee1ng ch\u1ebf th\u1ef1c hi\u1ec7n th\u1ecfa thu\u1eadn c\u1ed5 \u0111\u00f4ng n\u1ebfu n\u1ed9i dung tr\u00e1i v\u1edbi \u0111i\u1ec1u l\u1ec7<\/strong>.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">M\u1ed9t h\u1ee3p \u0111\u1ed3ng mua b\u00e1n c\u1ed5 ph\u1ea7n hi\u1ec7u qu\u1ea3 kh\u00f4ng \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 b\u1eb1ng \u0111\u1ed9 d\u00e0i hay m\u1ee9c \u0111\u1ed9 \u201cchu\u1ea9n qu\u1ed1c t\u1ebf\u201d c\u1ee7a c\u00e2u ch\u1eef, m\u00e0 b\u1eb1ng <strong>kh\u1ea3 n\u0103ng b\u1ea3o v\u1ec7 v\u00e0 thu h\u1ed3i gi\u00e1 tr\u1ecb \u0111\u1ea7u t\u01b0 khi x\u1ea3y ra tranh ch\u1ea5p t\u1ea1i Vi\u1ec7t Nam<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vi\u1ec7c th\u1ea5u hi\u1ec3u gi\u1edbi h\u1ea1n c\u1ee7a quy\u1ec1n t\u1ef1 do th\u1ecfa thu\u1eadn, c\u00f9ng v\u1edbi th\u1ef1c ti\u1ec5n x\u00e9t x\u1eed  tranh ch\u1ea5p mua b\u00e1n c\u1ed5 ph\u1ea7n v\u00e0 thi h\u00e0nh \u00e1n, l\u00e0 \u0111i\u1ec1u ki\u1ec7n ti\u00ean quy\u1ebft \u0111\u1ec3 x\u00e2y d\u1ef1ng c\u00e1c giao d\u1ecbch M&amp;A <strong>c\u00f3 kh\u1ea3 n\u0103ng th\u1ef1c thi v\u00e0 b\u1ec1n v\u1eefng v\u1ec1 m\u1eb7t ph\u00e1p l\u00fd<\/strong>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Trong th\u1ef1c ti\u1ec5n gi\u1ea3i quy\u1ebft tranh ch\u1ea5p mua b\u00e1n c\u1ed5 ph\u1ea7n v\u00e0 s\u00e1p nh\u1eadp doanh nghi\u1ec7p t\u1ea1i Vi\u1ec7t Nam (Mergers and Acquisitions \u2013 M&amp;A in Vietnam), c\u00e1c c\u01a1 quan t\u00e0i ph\u00e1n th\u01b0\u1eddng xuy\u00ean \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng h\u1ee3p \u0111\u1ed3ng \u0111\u01b0\u1ee3c so\u1ea1n th\u1ea3o theo m\u1eabu qu\u1ed1c t\u1ebf nh\u01b0ng kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 thi h\u00e0nh nh\u01b0&#8230;<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65,64,63],"tags":[],"class_list":["post-10164","post","type-post","status-publish","format-standard","hentry","category-ban-tin-phap-ly","category-phan-tich-nhan-dinh","category-tin-tuc"],"_links":{"self":[{"href":"https:\/\/dtlaw.vn\/en\/wp-json\/wp\/v2\/posts\/10164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dtlaw.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dtlaw.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dtlaw.vn\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dtlaw.vn\/en\/wp-json\/wp\/v2\/comments?post=10164"}],"version-history":[{"count":1,"href":"https:\/\/dtlaw.vn\/en\/wp-json\/wp\/v2\/posts\/10164\/revisions"}],"predecessor-version":[{"id":10165,"href":"https:\/\/dtlaw.vn\/en\/wp-json\/wp\/v2\/posts\/10164\/revisions\/10165"}],"wp:attachment":[{"href":"https:\/\/dtlaw.vn\/en\/wp-json\/wp\/v2\/media?parent=10164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dtlaw.vn\/en\/wp-json\/wp\/v2\/categories?post=10164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dtlaw.vn\/en\/wp-json\/wp\/v2\/tags?post=10164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}